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Blue Sky Auto Finance

by Shira Mary (2019-02-25)

Perhaps the best long-term advantage of getting these Blue Sky Auto Finance Review types of cards is that they allow you to build up your credit score again so you will find it easier to borrow money and get credit in the future. This works because the lender will usually report to the credit bureaus on what you used your card for and how well you kept up with your repayments. If you are careful about your spending and repayments you won't have any trouble at all building your credit score back up.Therefore, you don't need to worry that having a bad credit score now - or no credit score at all - will blight your chances of getting credit. These types of cards make this easy and can be a great way to build your future financial stability with a better credit score.When considering what types of credit cards may be available or suitable, there are numerous possibilities on offer.To begin with, not all plastic cards are credit cards. Many cards that can be passed over to a machine for payment are in fact debit cards. A debit card is different to a credit card because with a debit card the costs are debited directly to the cardholder's bank account. In effect, the total cost will be taken from your account immediately.The mechanics of a debit card transaction are usually simple. The cardholder passes the card over and the card transaction systems will check the issuing bank online to see if funds are available to complete the transaction.When originally introduced, it was anticipated that debit cards would make obsolete the conventional chequebook. In fact cheques continue to be used because they do provide 2-3 days grace to get funds in place before they arrive at the bank and they can be sent by post unlike a debit card.By contrast, a credit card offers the person using it a line of credit linked to an account supplied by the card issuer. In use, the card will usually be checked by the vendor's system against the card issuer's database to ensure that sufficient authorised credit is available.The cardholder receives a monthly bill from the card issuer that may be paid immediately in full, in which case no interest will be charged. If the bill is not paid in full, it's possible to pay a variable portion of it (subject to a stated minimum payment) but in those circumstances the card issuer will charge interest on any outstanding balance. Most credit card issuers will charge an additional amount if the monthly payment is not received by the due date.Although there are various types of credit card, they generally can be seen as coming into one of two categories Open credit cards that may be used in many outlets as required Store or group credit cards that may be restricted to use in specified retailers.In the case of the former, these credit cards are true credit cards and can usually be used for multiple purposes and in many thousands of locations and outlets.